Steve can afford a $330-per-month car payment. if he is being offered a 6-year car loan with an apr of 1.2%, compounded monthly, what is the value of the most expensive car he can afford?

$ 3934.38 ( approx )

Step-by-step explanation:

Since, the monthly payment formula of a loan,

Where,

PV = present value of loan,

r = annual rate of interest,

n = number of months,

If P = $ 330, r = 1.2% = 0.012,

Number of months in 6 years, n = 12 × 6 = 72

By substituting the values,

Using calculator,

PV ≈ $ 3934.38

Hence, the value of the most expensive car he can afford would be  $ 3934.38 ( approx )

22,913.76

Step-by-step explanation:

A p e x.. (:

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